Ethiopian Prime Minister Visits TOYO Facility in Vietnam, Strengthening Strategic Collaboration in Renewable Energy

Rhea-AI Summary

TOYO Co (Nasdaq: TOYO) hosted Ethiopian Prime Minister Abiy Ahmed Ali at its solar cell production facility in Phu Tho Province, Vietnam on April 15, 2025. The Prime Minister, accompanied by ministerial delegates and local officials, toured TOYO's intelligent solar cell production line.

Key developments include:

• TOYO is expanding its Ethiopian facility in Hawassa from 2 GW to 4 GW capacity
• The expansion project is scheduled for completion by July 2025
• Production at the expanded facility is expected to begin in August 2025

Prime Minister Abiy Ahmed invited Abalance Group, TOYO's parent company, to participate in developing photovoltaic power plants in Ethiopia, aiming to enhance strategic cooperation and advance the country's green energy goals.

Positive

• Doubling production capacity from 2 GW to 4 GW in Ethiopian facility
• Potential expansion into Ethiopian photovoltaic power plant development
• Strategic government support from Ethiopia for facility expansion

Negative

• None.

Insights

Renewable Energy Sector Analyst

TOYO's expansion of its Ethiopian solar cell facility from 2GW to 4GW represents a significant strategic development with potential long-term benefits. The capacity doubling, scheduled for completion by July 2025 with production commencing in August 2025, provides a clear timeline for investors to track execution.

The Ethiopian Prime Minister's facility visit and explicit support signals strong governmental backing, which typically translates to reduced regulatory friction and potential preferential treatment in future contracts. This high-level endorsement creates a competitive moat in Ethiopia's renewable energy landscape and potentially across the broader African market.

Most notably, the Prime Minister's invitation for TOYO's parent company to participate in photovoltaic power plant development indicates possible vertical integration opportunities. This could transform TOYO from purely a manufacturer into a more integrated clean energy solutions provider with potentially higher-margin business segments.

Ethiopia's aggressive push into renewable energy aligns with global sustainability trends and provides TOYO with an established foothold in an emerging market with significant solar potential. While financial terms remain undisclosed, the substantial capacity increase and strengthened governmental relationship position TOYO to capitalize on rising solar demand across developing markets.

Supply Chain Expert

The doubling of TOYO's Ethiopian manufacturing capacity from 2GW to 4GW represents a substantial production scale-up that will significantly enhance the company's global supply chain positioning. This expansion directly addresses the "growing global demand" cited in the article and demonstrates management's confidence in future solar cell market growth.

The specified timeline—completion by July 2025 with production beginning by August 2025—indicates a well-defined execution roadmap. This capacity increase will likely optimize TOYO's manufacturing economics through improved scale efficiencies while potentially reducing per-unit production costs.

Strategically, this expansion diversifies TOYO's manufacturing footprint beyond Vietnam, mitigating supply chain risks and positioning the company closer to emerging African markets. Ethiopia offers advantages including potentially favorable labor costs and reduced shipping times to regional customers.

The high-level governmental engagement suggests TOYO has secured strong local support, which typically translates to smoother operational execution and reduced regulatory complications. While supply chain optimization metrics aren't quantified in the announcement, the substantial capacity increase will significantly enhance TOYO's ability to serve growing demand while potentially improving operational margins through economies of scale.

TOKYO, April 16, 2025 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF) ("TOYO" or the "Company"), a solar solution company, was honoured to host His Excellency Abiy Ahmed Ali, Prime Minister of Ethiopia, at its state-of-the-art solar cell production facility in Phu Tho Province on the morning of April 15, 2025. The Prime Minister was accompanied by a high-ranking ministerial delegation and Mr. Nguyen Manh Son, Vice Governor of Phu Tho Province. Representing TOYO's parent company, Abalance Group, Mr. Lewis Cai, Executive Vice President, warmly welcomed the delegation.

During the visit, Prime Minister Abiy Ahmed toured TOYO's cutting-edge intelligent solar cell production line and commended the company's achievements in technological innovation and its extensive global footprint in the photovoltaic sector. The Prime Minister emphasized the critical role of renewable energy in Ethiopia's energy transition and expressed strong support for accelerating the second-phase expansion of TOYO's solar cell production facility in Ethiopia.

TOYO is currently expanding its Ethiopian facility in Hawassa from an existing 2 GW capacity to 4 GW. This expansion is poised to meet growing global demand for high-performance solar cells and aligns with Ethiopia's commitment to sustainable energy development. The project is scheduled for completion by July 2025, with production expected to commence by August 2025.

Prime Minister Abiy Ahmed also extended an invitation to Abalance Group to deepen its involvement in Ethiopia's renewable energy sector by participating in the development of photovoltaic power plants. This initiative aims to enhance strategic cooperation between Ethiopia and TOYO, foster large-scale adoption of clean energy technologies, and advance Ethiopia's national green energy goals.

"TOYO remains dedicated to advancing clean energy solutions worldwide by delivering innovative solutions and establishing a robust supply chain that supports renewable energy adoption worldwide. Our partnership with Ethiopia underscores our commitment to sustainability and growth, leveraging advanced research, cutting-edge technology, and industrial expertise," said Mr. Junsei Ryu, Chairman and CEO of the Company.

About TOYO Co., Ltd.

TOYO is a solar solutions company that is committed to becoming a full-service solar solutions provider in the global market, integrating the upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include but are not limited to, statements regarding the expected growth of TOYO, the expected order delivery of TOYO products, TOYO's construction plan for new facilities and anticipated commencement of production. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of TOYO's management and are not predictions of actual performance.

These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO caution you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the documents filed by TOYO from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

TOYO cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties, including, among others, the outcome of any potential litigation, government or regulatory proceedings, the sales performance of TOYO, and other risks and uncertainties, including but not limited to those included under the heading "Risk Factors" of the filings of TOYO with the SEC. There may be additional risks that TOYO does not presently know or that TOYO currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of TOYO as of the date of this press release. Subsequent events and developments may cause those views to change. However, while TOYO may update these forward-looking statements in the future, there is no current intention to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of TOYO as of any date subsequent to the date of this press release. Except as may be required by law, TOYO does not undertake any duty to update these forward-looking statements.

Contact Information:

For TOYO Co., Ltd.
IR@toyo-solar.com 

Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185

View original content:https://www.prnewswire.com/news-releases/ethiopian-prime-minister-visits-toyo-facility-in-vietnam-strengthening-strategic-collaboration-in-renewable-energy-302430293.html

SOURCE TOYO Co., Ltd

FAQ

What is the capacity expansion planned for TOYO's Ethiopian facility in Hawassa?

TOYO is doubling its Ethiopian facility capacity from 2 GW to 4 GW, with completion scheduled for July 2025 and production starting in August 2025.

When will TOYO's expanded Ethiopian solar cell facility begin production?

Production at TOYO's expanded facility in Hawassa, Ethiopia is expected to commence in August 2025.

What strategic partnership did Ethiopia propose to TOYO during the Prime Minister's visit?

Ethiopian Prime Minister invited TOYO's parent company, Abalance Group, to participate in developing photovoltaic power plants in Ethiopia to advance the country's green energy goals.

Where is TOYO's solar cell production facility that the Ethiopian Prime Minister visited?

The Ethiopian Prime Minister visited TOYO's solar cell production facility in Phu Tho Province, Vietnam, on April 15, 2025.